Clarendale Portfolio Trades
One of the largest seniors housing portfolio deals of the year just closed, also for one of the highest per-unit prices we have seen for the sector. And among portfolios, it was the highest publicly reported per-unit price we have seen in a couple of years. The deal comprised The Clarendale Portfolio, which features three seniors housing communities with 635 independent living, assisted living and memory care units. The average age of the portfolio was five years, and the buildings were spread out in Arizona (Clarendale of Chandler), Missouri (Clarendale of St. Peters) and Tennessee (Clarendale at Indian Lake). Harrison Street Real Estate Capital, Ryan Companies and LCS previously... Read More »
CareTrust REIT Announces Big SNF Purchase
Alongside its third quarter earnings report, CareTrust REIT and a joint venture partner announced a binding agreement to acquire a portfolio of 31 skilled nursing facilities in the Southeast for approximately $500 million, or $152,000 per bed. With 30 facilities in Tennessee and one in Alabama, the portfolio featured a total of 3,290 licensed beds. The deal is expected to close in the fourth quarter of 2024, subject to customary closing conditions, and would be the largest skilled nursing deal (publicly disclosed) in two years. Evans Senior Investments is handling the transaction. Existing operating partners have agreed to take on management of most of the facilities, with PACS Group... Read More »
Multifamily Investor Buys IL Community
Working on behalf of an institutional seller, Blueprint facilitated the sale of Elison Independent Living of Niles, a 288-unit independent living community in Niles, Illinois. Current ownership had recently completed high-end renovations to the common areas, increasing the appeal of the property to investors (and to residents, we imagine). Traditional seniors housing, active adult and multifamily acquirers were targeted before the seller chose to move forward with a historically multifamily buyer, Legacy Crossings, which wanted to enter the seniors housing market. Legacy Crossings has a presence in Florida and Illinois and plans to undertake an extensive capital improvement project to... Read More »
REIT Buys The Blake at Waco
A publicly traded REIT acquired a Class-A and well performing seniors housing community in Waco, Texas. Built in 2021, The Blake at Waco offers 71 assisted living and 41 memory care units on a site adjacent to the Baylor Scott & White Hospital. It includes a host of amenities and boasted both strong occupancy and NOI at the time of the sale. The Class-A community could also be described as the premier offering in the submarket. It was previously owned by Biloxi, Mississippi-based LifeCare Properties, which retained Blake Management as the operator. The REIT, wisely, will keep Blake on as the operator. Cody Tremper, Mike Garbers, Dave Fasano and Ross Sanders of Berkadia Seniors... Read More »
Update to Christian Horizons Bankruptcy
The Christian Horizons bankruptcy deal is coming along, with four stalking horse bidders selected for portions of the Midwest senior care portfolio. The faith-based, not-for-profit organization filed for Chapter 11 bankruptcy on July 16, 2024 in the U.S. Bankruptcy Court for the Eastern District of Missouri, and the live auction is set for November 12, 2024. Christian Horizons’ portfolio offers the full continuum of care and includes more than 1,200 independent living, assisted living, memory care and skilled nursing units/beds across 11 communities in four states. There are seven locations in Illinois (Forsyth, Washington, Lincoln, two in Carmi and two... Read More »Schedule a demo
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